Bajaj Housing Finance (BAJAJHFL) Q4 25/26 earnings summary

Executive summary

• AUM grew 23% YoY, surpassing ₹1,40,706 crore, with strong performance in asset quality and operating efficiency; PBT increased 20% and PAT rose 14% YoY, with normalized PAT growth at 20% excluding a one-time tax benefit.

• Disbursements grew 23% YoY to ₹17,506 crore in Q4 FY26, with sequential quarterly growth improving to 6%.

• Asset quality remained robust, with GNPA at 0.27% and NNPA at 0.11%, both stable sequentially and improved YoY; annualized credit cost was 0.19%.

• Net worth as of March 2026 stood at ₹22,527 crore, up 13% YoY.

• Audited financial results for Q4 FY26 and FY26 approved with unmodified audit opinion; AGM scheduled for 29 July 2026.

Financial highlights

• Net interest income grew 15% YoY in Q4 FY26 to ₹945 crore and 25% for the full year to ₹3,752 crore.

• Net total income increased 20% YoY in Q4 and 23% for the year, at ₹1,141 crore in Q4.

• OpEx to NTI improved to 19.2% in Q4 and 19.7% for the year, down from 20.9% YoY.

• Annualized ROA was 2.3% in Q4 FY26; ROE was 12.2%.

• Credit cost for the year was 0.19%, up from 0.07% last year, mainly due to strengthened provisioning.

Outlook and guidance

• Management expects some margin compression in FY27 due to lower-yielding new acquisitions and competitive intensity, partially offset by OpEx efficiency and lower loan losses.

• ROA is expected to remain at the upper end of the 2%-2.2% medium-term guidance.

• Disbursements in the Sambhav segment are targeted to reach ₹600+ crore monthly over the next 12 months.

• FY26 AUM growth exceeded upper guidance at 23% versus 21-23% assessment; margin compression limited to 7 bps, better than initial guidance.

• Company maintains highest credit ratings (AAA/Stable) for long-term debt and A1+ for short-term debt.